$($Record and post general, adjusting, and closing entries; prepare trial balances and financial statements.$)$ Heritage Furniture Limited reports the following information for $11$ months of the year in its February $28,2024,$ trial balance. The company$$s year end is March $31.$

HERITAGE FURNITURE LIMITED

Trial Balance

February $28,2024$Heritage Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system.

Mar. $1$ Received $$125,000$ on account from a major customer.

Mar. $2$ Paid a supplier an amount owing of $$200,000,$ taking the full discount, terms $2/10,$ n$/30.$

Mar. $5$ Purchased merchandise from a supplier, $$300,000,$ terms $2/10,$ n$/30,$ FOB destination.

Mar. $6$ Recorded cash sales, $$285,000.$ The cost of goods sold for these sales was $$200,000.$ No returns were anticipated related to this sale.

Mar. $7$ Returned scratched merchandise to the supplier from the March $5$ purchase, $$25,000.$

Mar. $8$ The appropriate company paid freight for the March $5$ purchase, $$7,500.$

Mar. $9$ Sold $$200,000$ of merchandise on account, terms n$/30,$ FOB destination. The cost of goods sold was $$140,000.$ Management estimated that sales returns will be $12\%$ of sales.

Mar. $9$ The appropriate company paid freight for the March $9$ sale, $$5,000.$

Mar. $12$ Ordered custom merchandise for a local designer totalling $$50,000.$ Received $$12,500$ as an advance payment.

Mar. $13$ Accepted returned merchandise from the sale on March $9,$ $$20,000.$ The cost of the goods returned to inventory was $$14,000.$

Mar. $14$ Paid for the merchandise purchased on March $5,$ net of merchandise returns on March $7.$

Mar. $16$ Paid salaries of $$45,000.$

Mar. $20$ Recorded cash sales, $$255,000.$ The cost of goods sold for these sales was $$179,000.$ No returns were anticipated related to these sales.

Mar. $27.$ Paid salaries, $$50,000.$

Mar. $29$ Received payment of merchandise sold on March $9,$ net of merchandise returns on March $13.$

Mar. $30$ Paid rent, $$5,000.$

Adjustment and additional data:

$1.$ accrued $$10,000$ for utilities, $$10,000$ for salaries, and $$9,000$ for interest on the bank loan.

$2.$ recorded depreciation on equipment, which has an expected useful life of $10$ years.

$3.$ recorded an additional $$50,000$ of income tax payable.

$4.$ common shares were issued during the year for $$1,000.$

$5.45,000$ of the bank loan is due to be repaid in the next year.

Instructions:

a$)$ Record the March transactions.

b$)$ Set up T accounts, enter the opening balances, and post the transactions recorded in part $($a$).$

c$)$ Prepare a trial balance as at March $31.$

d$)$ record and post adjusting entries for the year ended March $31,$ assuming adjusting entries are made annually.

e$)$ Prepare an adjusted trial balance as at March $31.$

f$)$ Prepare a multiple$-$step statement of income, statement of changes in equity, and statement of financial position for the year.

g$)$ Prepare and post closing entries.

h$)$ Prepare a post$-$closing trial balance as at March $31.$